TAX PLANNING

Tax Planning in OKC

Tax planning is a way to align your financial goals and objectives with tax management strategies. Jenny Hardin of Jenny Tax Service can help you understand and implement sound, effective tax planning strategies to minimize your tax liability, protect and preserve your hard-earned assets and manage your cash flow.

Tax planning enables you to minimize your taxes by: 

♦ Reducing your income
♦ Increasing your deductions
♦ Taking advantage of tax credits

Reducing Income: You can reduce the amount of tax you pay by contributing to a 401(k) or similar retirement plan at work or through various adjustments (deductions) to income. Adjustments include contributions to a traditional IRA, student loan interest paid, alimony paid, and classroom related expenses.

Increasing Tax Deductions: A tax professional can help you decide whether to take a standard deduction or to itemize your deductions. The three biggest itemized deductions are mortgage interest, state taxes, and gifts to charity. Other itemized deductions include expenses for health care, personal property taxes, job-related expenses, tax preparation fees, and investment-related expenses. It's a good idea to keep track of your itemized expenses throughout the year.

Taking Advantage of Tax Credits: The government gives tax credits for college expenses, retirement savings contributions, and for adopting children. Another tax credit is the Earned Income Credit (EIC). You may be eligible to claim the earned income credit if you earn less than a certain amount.

Tax Tip: You can avoid owing money at tax time by increasing your withholding amount. More money will be taken out of your paycheck throughout the year, but you will get bigger refund when you file your taxes.

The IRS Federal Tax Code has become increasingly complex. Despite the proliferation of do-it-yourself tax software programs, more and more savvy tax filers are turning to trained, knowledgeable, experienced tax preparation pros to prepare and file their income taxes and to implement effective tax planning strategies.

Jenny Hardin has been helping people in the OKC, OK area with tax planning, tax preparation and tax strategies for over 16 years. Contact Jenny Tax Service for tax preparation, tax planning and all tax matters.

Call (405) 727-8064 for a free tax consultation.

 

Jenny Tax Service
8509 NW 121st Street
OKC OK 73162
Phone: (405) 727-8064